Geothermal power and heat pump is also known by ground source heat pump. It is a central water heating system which uses geothermal energy to heat water. Geothermal power and heat pump is energy-efficient and is largely used in number of applications such as harvested rainwater, recycled water, sewage treatment plant, surface water, and retention basin storm water. These geothermal power and heat pumps are cost-efficient and high performance in nature. For example, Nortek Global HVAC, a subsidiary of Nortek, Inc. introduced a new geothermal heat pump system in the market. It needs less drilling compared to other geothermal systems.

Consumers opt for cheap sources of energy owing to increasing electricity and oil prices. This is expected to drive the global market growth. Due to environmental benefits and cost saving benefits, geothermal power and heat pump market is anticipated to witness considerable growth in the near future. Government initiative to offer attractive benefits on installation of the system in newly built homes is also fuelling the global geothermal power and heat pump market. Conversely, fake estimation and faulty installations may restrain the global market growth in future.

Global Geothermal Power and Heat Pump Market: Segmentation

The global geothermal power and heat pump market is bifurcated on the basis of end-use application as industrial geothermal heat pump, domestic geothermal heat pump, and commercial geothermal heat pump. Of these, the domestic geothermal heat pump segment accounted for the largest market chunk. Based on the technology the global market is segmented as open loop system, direct heat exchange, close loop system, and ground heat exchange. Of these, closed loop systems technology segment accommodated for the largest market share in the global market. It is widely used in the loop configuration. The closed loop system is further sub-segmented as pond/ lake systems, vertical loops, and horizontal loops. The commercial geothermal heat pump is further sub-segmented as new building systems and retrofit systems. The retrofit systems is fastest growing segment in the global market.

Europe is the fastest growing region for geothermal power and heat pump. It accounted for largest the market share in the global geothermal power and heat pump market. This trend is followed by the North America where demand for geothermal power and heat pumps is escalating at the fastest rate. Moreover, Asia Pacific is emerging as economically stable country owing to rising urbanization in this region which is anticipated to boost the global geothermal power and heat pump market growth.

Full in-depth analysis of the parent market
Important changes in market dynamics
Segmentation details of the market
Former, on-going, and projected market analysis in terms of volume and value
Assessment of niche industry developments
Market share analysis
Key strategies of major players
Emerging segments and regional markets
Testimonials to companies in order to fortify their foothold in the market